“QUASI-CASH TRANSACTIONS” – Refers to transactions representing a purchase of foreign currency or items (including but not limited to, gaming chips, money orders and lottery tickets) which may be convertible to cash, and may also include transactions such as the transfer of funds under a wire transfer money order, the funding of accounts and such other transactions as determined by the relevant card association from time to time."

Wikipedia says, the term "money laundering" has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.[2] Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system

Philippine Anti-Money Laundering Act of 2001 (RA 9160) says the "Covered transaction" is a single, series, or combination of transactions involving a total amount in excess of Four million Philippine pesos (Php4,000,000.00) or an equivalent amount in foreign currency based on the prevailing exchange rate within five (5) consecutive banking days except those between a covered institution and a person who, at the time of the transaction was a properly identified client and the amount is commensurate with the business or financial capacity of the client; or those with an underlying legal or trade obligation, purpose, origin or economic justification.

Definitely not illegal - as long as your source of funds is legit. That does not mean, however, na "odd" behavior such as this cashing in and cash out agad will not raise a few red flags if done frequently enough and in big quantities. Again, walang mali, pero baka silipin ka kasi hindi nga ito "normal" behavior. Surefire way rin ito kasi for fraudsters to cash in stolen ccs kaya sketchy na to begin with.

I think what people should be worried about instead is if this will cause problems with your cc issuer. Abroad, "manufactured spend" in this manner can get you kicked out of your CC's rewards program. Fully traceable ang transactions mo eh so it wouldn't be hard for banks to crack down on this. If you're also currently on any active promo like spend promos, this can also lead to forfeiture of those rebates. Pagdating sa CC rewards, I'd really rather not risk that. Unless 6 digits pataas gawin mo (highly suspicious dahil sa amount), wala ka rin naman masyado makukuha from it.

SANA NGA.

sei20 said: I Dont think it is MISUSE if you use it aligned to the terms and conditions.